UK Attracting More Foreign Direct Investment Than Ever, Report Reveals

New figures published by the Department for International Trade have just revealed that, despite fears surrounding Brexit and what might happen in the near future, the UK attracted more foreign direct investment projects than ever before between 2016 and 2017.

As such, the UK remains the number one destination for inward investment in Europe, which is certainly going to be good news for all those involved in the construction industry. It seems that demand for sheet metal flashing won’t be subsiding any time soon!

Dr Liam Fox, international trade secretary, said: “Almost one year on since the EU referendum, the UK continues to attract record levels of inward investment and remains extremely attractive to foreign investors. As an international economic department, we continue to promote the strengths of the UK as a great inward investment destination, with an open, liberal economy, world-class talent and business-friendly taxation.”

Regionally, the Northern Powerhouse succeeded in attracting 348 projects and created almost 15,000 new jobs for the 12-month period, while the Midlands Engine attracted 223 and created 8,341 new jobs.

However, it would also be worth noting at this time that the most recent IHS Markit/CIPS UK Construction PMI revealed that there was weaker growth momentum for the construction industry in June. Employment, business activity and new work all expanded at slower rates than compared to May.

Author of the report Tim Moore put this down in part to weaker rises in civil engineering and commercial building activity – but residential construction work continued climbing at one of the fastest rates seen since 2015.